March 2024
27Mar

Kenya. Treasury Unveils New Retirement Policy With Enhanced Benefits

The government wants to revise the pensions scheme to enable Kenyans save for a retirement home and pay for medical care after retirement. According to the draft National Retirement Benefits Policy released by the National Treasury, a significant number of Kenyans are facing challenges in accessing housing and healthcare services after retirement. The Treasury pointed out that numerous retirement plans did not allow individuals to save for the two primary needs that make up a significant portion of expenses for Kenyans...

March 27, 2024
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27Mar

Surge in China personal pension accounts, contributions lag

The number of personal pension fund accounts surged last year, but the scheme designed to shore up China’s pension system remained hamstrung by low contributions and a lack of investment, reports Caixin. More than 50 million people had set up personal pension accounts as of the end of last year, Zhai Yanli, director-general of the Social Insurance Management Center at the Ministry of Human Resources and Social Security, said Wednesday at an industry conference in Beijing. The number was up from...

March 27, 2024
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27Mar

Little planning for looming retirement crisis, BlackRock chief warns

The chief executive of the world’s largest asset manager is warning of a future “retirement crisis”, as pension savings fail to keep up with life-extending medical breakthroughs. In his annual letter to investors, the BlackRock chief executive, Larry Fink, said that establishing “a secure, well-earned retirement” would be one of the greatest economic challenges to face the US in the mid-21st century. The boss of BlackRock, which manages about $10tn (£7.4tn) in assets, including retirement funds, praised medical advances, including obesity drugs such...

March 27, 2024
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27Mar

Australia. New Law Boosts Affordable, Accessible Financial Advice

Today, the Albanese Government has introduced the first tranche of legislation to deliver its comprehensive package of reforms to ensure Australians have access to quality and affordable financial advice. There are over five million Australians at or approaching retirement who need assistance to navigate the pension and superannuation systems. Unfortunately, the average cost of financial advice puts professional advice out of reach for many Australians. The Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Bill 2024 implements reforms which...

March 27, 2024
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26Mar

México. Inversión de las Afores en commodities está en mínimos históricos

Como ahora el principal factor que consideran los trabajadores para cambiarse entre administradores es el rendimiento, ninguna se arriesga a apostar por las mercancías y que la jugada les salga mal. Pese a que desde hace más de cuatro años se permitió a las Administradoras de Fondos para el Retiro (Afores) invertir en commodities como petróleo y metales, hasta ahora han colocado muy poco capital en ese tipo de instrumentos por su volatilidad, y de hecho actualmente está en mínimos...

March 26, 2024
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26Mar

Chile. Estudio: jóvenes de clase media tendrían mayor alza en sus pensiones con fórmula de 6%-0% versus 3%-3%

La disyuntiva que se ha abierto en el marco de la discusión de la reforma de pensiones sobre si el foco debe estar puesto en los actuales pensionados o en los futuros jubilados sigue tomando vuelo. Un estudio del Observatorio Perspectivas cuantificó el impacto que tendrían las diferentes distribuciones del 6% de cotización adicional, calculando el monto de pensión que recibirían personas de diversos perfiles socioeconómicos y de edad. El informe concluyó que los actuales jóvenes de clase media se verían...

March 26, 2024
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26Mar

Funded Status of Largest 100 US Public Pension Funds Rises to 78.6%

Public pension funded status increased to 78.6% at the end of February, up from 77.7% the month before, according to the monthly Milliman Inc. 100 Public Pension Funding Index, which tracks the funded status of the largest 100 public defined benefit plans in the U.S. Public plan funded status rose in February to the highest level since May 2022, when funded status for these plans stood at 78.4%, and 78.6% the month before. In the interim, funded status bottomed out at...

March 26, 2024
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26Mar

Majority of U.K. DB plans looking for buy-in or buyout

More than half (53%) of the U.K.’s large defined benefit plans are planning for an insurer buy-in or buyout within the next three years, according to research by insurance and asset management firm Legal & General. In 2023, around £50 billion of U.K. retirement income was secured with insurance companies through pension buy-ins and buyouts. When it came to investment strategy, three quarters of respondents affirmed that they were decreasing allocations to illiquid assets. Insurers have previously expressed caution in engaging...

March 26, 2024
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26Mar

What we must do to expand pension coverage in Kenya

By SIMON WAFUBWA   Significant progress in the pension sector has been made in the past two decades and we continue to see growth every year. According to the Retirement Benefits Authority, Kenya’s Pension Assets stood at Sh1.7 trillion by the end of June 2023. This marked an 8.1 percent growth compared to Sh1.5 trillion the previous year. However, as a country, we still have certain challenges to overcome to ensure the financial security of the entire population during their retirement years. The...

March 26, 2024
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25Mar

México. Gasto en pensiones, más del doble que para salud

Este año se destinarán alrededor de 1.99 billones de pesos para el pago de pensiones, 106 por ciento más que el presupuesto para el sistema de salud, porcentaje superior al 87 por ciento que representaba en 2018, de acuerdo con el Centro de Investigación Económica y Presupuestaria (CIEP). En una investigación de este grupo de especialistas se destacó que ya representa 27.3 por ciento de los ingresos totales del gobierno, 22 del gasto neto total y 5.8 por ciento del producto interno bruto (PIB); en 2018 equivalía a 4.6 por ciento del PIB. Ante ello, el CIEP urgió por un plan para incrementar los ingresos,...

March 25, 2024
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